Not sure how to start this, so here goes. I am looking for some suggestions and or advice as to what to do next. My work-life in a nutshell is I worked in finance for a couple of years during which time I gained my AAT qualification and started to study for CIMA. I then stopped work to start my family. I re-entered the workforce as a teaching assistant thinking that I would rekindle my interest in becoming a teacher. However, teaching is not what I thought it would be so I have knocked that idea on the head. This brings me to why I am here.
I have been thinking long and hard about re-starting my career in finance and what that might look like. One option for consideration is becoming self-employed. I know this is not an easy option so I am hoping that there might be someone out there who has had a similar background to me. I have two voices in my head, one telling me to go for it come what may and the other is nagging me about it being a long time since I have worked in accounts....
I would really appreciate any thoughts or suggestions.
Just a short response for now as Im up to my neck in it!
Can I ask - how long is it since you last worked in finance and did you keep up your AAT membership? I think the main thing about AAT is that it gives you a lot of the basics and there is a lot that doesnt change and once learnt isnt really forgotten although you may need a refresher to bring it all flooding back. Im sure there will have been many changes, little things like how discounts/VAT work, as well as big changes in tax/VAT/payroll processing/Money Laundering issue related etc (dependent on how long you have been away!), although given your background all of these are perhaps something which you may be able to easily catch up on given you will have the knowledge to know where to go and look for information. A lot of this job is having that base knowledge, keeping up to date and knowing where to look.
The reason I ask about the AAT is that if you able to access the membership area you might be able to access the revision area and do a few tests/mock exams to see if you are still able to pass them or spot areas of weakness. Of course there are loads of books out there that you can also try to test yourself and bring yourself back up to speed. have a route around this site for other such posts and also about training as there is a wealth of information, including books that you can get from Amazon for a couple of pounds to help you in the process and also covering other people's routes back into this industry.
Have you considered doing a couple of years as an employee to upskill?
From a self employed perspective you need to consider a few things - would you want to go down the MAAT MIP route or work under another banner eg IAB? Or indeed work without having a supervisory body which you still can do as a bookkeeper? Or would you be looking to continue with your studies eg ACCA alongside working?
What services would you be thinking of offering?
Other things to consider:-
- MLR ie Money Laundering Regulations. You must register your business (via a supervisory body or go it alone and register via HMRC).
- Legal structure of your own business, sole trader/limited?
- PII cover.
- What software would you use? (have another wander around here, there are loads of debates on the subject)
I would say - go for it!!! I had 28 1/2 years working in a Corporate Finance environment and 'fell' into this as a bit of a hobby after taking very very very early retirement (ok redundancy!) and mostly I absolutely love it. But be prepared for long hours working for yourself!
Good luck with your first steps.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
its like riding a bike. You never forget it, you just forget where in your brain you storeed it!
Read lots of the questions that are posed on here and try answering them. To yourself perhaps for starters but as the confidence returns start helping newstarts.
You may find the second one quite basic but its just intended to restore your confidence.
For practice management read through posts on this site and accoungtingweb. There are some absolute hidden gems on both sites.
I assume that you allowed your AAT membership to lapse. Are you going to be going back to them again? They also have a bookkeeping practice certificate now (AATBQ) which was discussed on the site a few days back. That one may be worth considering rather than the full MAAT MIP for starters.
Remember that no matter what you do you have to be registered either with a professional body or direct with HMRC for MLR. That is the one thing that is an absolute must as it carries potential jail time is your not registered. That aside PII should be considered compulsary but its not.
Have a read of some of the software discussions on here. Payroll comes down to either moneysoft or 12pay but other software for accounts production, tax and bookkeeping is often a more contentious subject.
I look forwards to chatting as you developp your business,
kindest regards and welcome to the forum,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
lol, we're like buses. someone waits hours for a reply and then two come along at the same time.
... No... I'm not referring to you as like a bus... Can I swap this shovel that I have for legal representation.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Ha, Shaun, I knew you would add the links for the books!!!!! Plus the scary bit about prison!
I'm just so predictable.
I was a bit unsure about the Cox one in this instance as it is quite basic but I got to thinking that at times when we just want our confidence reinstating basic is good.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Me too... It's just the clients that I don't like very much.
Lol, actually, they're ok but I do sometimes feel that I am doing their books out of morbid curiosity more than anything else!
Working back in corporate seems very appealing at least a dozen times a day at the moment!
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Ha, Shaun, I knew you would add the links for the books!!!!! Plus the scary bit about prison!
I'm just so predictable. Far from it, if tonight is anything to go by!!!!!
I was a bit unsure about the Cox one in this instance as it is quite basic but I got to thinking that at times when we just want our confidence reinstating basic is good. No - its a good call. But I did think you would include the penny AAT books, you know the ones I did say I would add to my faves so I wouldnt have to keep shouting you to add them! Although I think you missed the last shout out cos you were mega busy and the poster mentioned Sage
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Me too... It's just the clients that I don't like very much. Lol. I like some of mine, just had a right old scream with one today! Surprised either of us get any work done as we are usually too busy giggling! But yeah I get what you mean!
Lol, actually, they're ok but I do sometimes feel that I am doing their books out of morbid curiosity more than anything else! I just keep thinking I can 'fix them'. Not as in 'fix', god that sounds mafia like. As in sort them out! Ok that sounds bad too! Mend! Ok mend!
Working back in corporate seems very appealing at least a dozen times a day at the moment! Oh I agree on that score too, just the last couple of weeks. Dont get me started. No, no, no, no, no, no, no....step away from the Corporate stuff!!!!!!!
Oh my - Yvette is gonna wonder what she joined here. Welcome to the madhouse Yvette!
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Thank you for your replies, some really useful stuff and highly amusing too. Maybe madness should be listed as a possible health risk for self-employment/bookkeeping.
I finished my AAT about 2002 (OMG, that is too scary doesn't seem that long ago!) and yes I did let my membership lapse. I did also have MAAT for a short while. I was thinking about contacting AAT to see what I need to do to re-join as I would want to be able to advertise myself with accreditation and current membership. It feels like a steep mountain to climb but I guess its a case of setting time aside to read around to get up to speed. I think I also read a thread on here where someone said something along the lines of only taking what you can manage so I guess I can try offering the basic bookkeeping service to begin with.
You have given me some food thought and thank you for the links to books etc...
OMG!!!!!! No legal bod in the land can help you now!!!!!!!
How about a different land?
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
OMG!!!!!! No legal bod in the land can help you now!!!!!!! I think you should keep digging for the 6ft pressie I have just acquired....
Here quick Shaun, take this bottle of Benelyn. That'll stop the coffin
Lol.
I don't know if your one liners are getting better or my standards are dropping but that one tickled me John.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
OMG!!!!!! No legal bod in the land can help you now!!!!!!!
How about a different land?
Hmmmm, nope! Now the recompense has gone up....chocolates, wine, cocktails, flowers, oh and someone to pass some of the ACCA exams for me......you would have to dress as a woman though and I was blond on my ID!
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
